We attended the 5th annual Leerink Partners Global Healthcare Conference 2016 from February 10 to 11 in New York.
Next to getting updates on many companies we tried to shed lights on the recent hefty correction of Biotech shares. Overall we left the conference with the view that the pull-back will offer great investment opportunities, however that it probably will take some time for unfolding. Timing will be key.
The MSCI World Healthcare NR Index gained 3.0% in June, while the MSCI World NR Index rose 1.5%. The decline in 10-year yields provided a booster shot to growth stocks, relative to their value peers. It is likely that the next months will continue to be dominated by debates on Fed and interest rates topics, and related growth/value factor pivots. More clarity on tapering can be expected after the summer break and the Jackson Hole summit.
Kieger AG is a main sponsor of the ”Swiss Sustainable Investment Market Study 2021”. This sponsored page by our Kieger Healthcare Portfolio Managers Urban Fritsche and Dr. Maria Specogna discusses: “Covid-19: a trigger for impact investors in global healthcare”.
In May, Healthcare gained 2.1%, while Global Equities rose 1.6%. The shift into value at the expense of growth and momentum continued over the past weeks, with Energy, Financials and Materials posting the top performances. IT returns, given the sector’s growth characteristics, were again subdued.